We began 2022 thinking that this might be the “Year of Non-QM.” The product certainly has its advantages for some borrowers, and lenders & investors. And then First Guaranty and Sprout vanished, and the herd of lenders was spooked, began talking about March of 2020 when some investors backed away from the market, and everyone was reminded to never have only one “take out” for a given loan or product. And then the headline yesterday: “SEC Charges Angel Oak Capital Advisors with Misleading Investors in $90 Million Fix-and-Flip Securitization.” Meanwhile, the industry is watching inflation numbers yesterday and today. One way to fight inflation is for a food supplier to put four tomatoes in a box that held five in the past. And don’t get me started on restaurant portions: higher prices and smaller portions have caught the attention of Consumer Affairs. Know that since the CPI report yesterday, Fed speakers have been quick to tem
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